Many homeowners are turning to rental properties as a way to escape the pressures of being a homeowner. Over the past few years, the amount of renters has greatly spiked. But, just because a property may be harder to find, doesn’t mean you should rent just any property. In fact, there are several things to look for and avoid when renting. Here are just five signs you should avoid a rental property.
Landlord Doesn’t Want to Make a Contract
A contract is important for many reasons. While you may think that not having a contract allows you to move whenever you want, without paying fees, there are several other things to consider. First of all, not having a contract means that the landlord can kick you out when he pleases, raise your rent without notice and refuse to fix things. You need a contract that lays everything out clearly so that both parties know what to expect.
As you tour the property, be on the lookout for unfixed projects. For example, if there are missing doorknobs, holes in the drywall, broken cabinet doors and other small problems, you may want to make sure these repairs will be taken care of and make sure it’s in the contract. If the landlord doesn’t seem to take the repairs seriously, you do not want to rent that property.
Property Remains Incomplete
A home may look amazing. There may be new counters, but the upper cabinets haven’t been hung. The bathroom may have a new bathtub, but the sink is missing. Unless the landlord can promise that these projects will be completed, you need to keep looking. If you want the rental property, refuse to sign the contract until you see the results.
Seems Too Good to Be True
You’ve found the perfect property close to work and your child’s school. The price is right and the home has even been updated. Before you sign on the dotted line, you need to do your research. Chances are there are problems you can’t see on the surface right away. It might be terrible neighbors, an unsafe neighborhood or a problem with mold or pests.
Price Is Too High
It doesn’t matter how great a property is if you can’t afford it. Yes, it may be just what you’re looking for. It may be updated and in the perfect neighborhood. Unfortunately, if the price is too high, you will not be happy there. More importantly, you may stretch yourself to the point that you might not be able to afford life’s little emergencies that come up.
Yes, renting has become a popular option, but you should always look for the best property before signing a contract. More importantly, there should be a contract to sign so that you don’t get stuck with higher payments or unfixed repairs.
About the Author: Octavia Henges has had her share of bad landlords. She’s now working with Home Loans Australia to obtain the perfect home loan so that she can purchase her dream property!